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Energy wholesaler and retailer AGL announced a cracker of a headline interim profit for the six months to 31 December 2004, up 332% to $887.8m. But appearances can certainly be deceiving. After taking out one-off gains—mostly relating to a profit on the sale of New Zealand operation NGC Holdings—net profit was up a rather less impressive 0.2% to $226.6m. And, after dilution from share issues, earnings per share actually fell 1% to 49.6 cents. The result was impacted by stiff competition in energy retailing. The group declared an interim dividend of 31 cents, 90%-franked, up 2...

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